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From Piety to Profit: Shariah Scholars and the Rise of Islamic Finance - Ryan Calder, The Paradox of Islamic Finance: How Shariah Scholars Reconcile Religion and Capitalism (Princeton, Princeton University Press, 2024, 347 p.)

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Ryan Calder, The Paradox of Islamic Finance: How Shariah Scholars Reconcile Religion and Capitalism (Princeton, Princeton University Press, 2024, 347 p.)

Published online by Cambridge University Press:  11 November 2024

Fulya Apaydin Open the ORCID record for Fulya Apaydin [Opens in a new window]
Fulya Apaydin*
Affiliation:
Institut Barcelona d’Estudis Internacionals, Barcelona, Spain. Email: fapaydin@ibei.org.
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Book Review
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European Journal of Sociology / Archives Européennes de Sociologie , Volume 65 , Issue 3 , December 2024 , pp. 395 - 402
Copyright
© The Author(s), 2024. Published by Cambridge University Press on behalf of Archives européennes de Sociologie/European Journal of Sociology

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References

1 I would like to thank Lena Rethel for this point.

2 Marion Fourcade-Gourinchas and Sarah L. Babb, 2002. “The Rebirth of the Liberal Creed: Paths to Neoliberalism in Four Countries,” American Journal of Sociology, 108 (3): 533-579; Marion Fourcade, 2006. “The Construction of a Global Profession: The Transnationalization of Economics,” American Journal of Sociology, 112 (1): 145-194.

3 For example, see the interview with Timur Kuran, “Islamic Finance Sits Awkwardly in a Modern Business School” Financial Times, July 22, 2013.

4 In the book, fiqh is defined as “Islamic jurisprudence, or the science of Islamic law; the human endeavor to study and implement God’s normative system (shariah) on earth by combining revelation and reason” [Calder 2024: xxi]. According to Calder “fiqh-mindedness is a mode of piety that takes Islamic law seriously as a normative ethical code governing everyday life” [Calder 2024 18].

5 Tawarruq “is an application of markup sale that simulates the economic effect of unsecured interest-bearing loans (i.e., cash loans in which there is no collateral)” [Calder 2024 60].

6 Gil Eyal, 2019. The Crisis of Expertise (Cambridge, Polity).

7 Han Byung-Chul, 2015. The Burnout Society (Stanford, California, Stanford University Press).

8 Fulya Apaydin, 2018. “Regulating Islamic banks in authoritarian settings: Malaysia and the United Arab Emirates in comparative perspective,” Regulation & Governance, 12 (4): 466-485; Lena Rethel, 2016. “Islamic Finance in Malaysia: Global Ambitions, Local Realities,” in Juanita Elias and Lena Rethel, eds, The Everyday Political Economy of Southeast Asia, (Cambridge, UK, Cambridge University Press).